šŸ·ļø LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION ā†’
Log in
Economics
1
answer
0
watching
150
views

A consumer's spending is restricted because of:
Ā 
A) marginal utility.
B) total utility.
C) a budget constraint.
D) utility maximization

Watch
1
answer
0
watching
150
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Joshua Stredder
Joshua StredderLv10
2 Oct 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

150. A consumer's spending is restricted because of:
A) marginal utility.
B) total utility.
C) a budget constraint.
D) utility maximization.
153. Utility is maximized in the consumption of two goods byequating the:
A) marginal utility of one good to the price of the other.
B) ratios of marginal utility to price for both goods.
C) ratios of total utility to price of both goods.
D) marginal utilities of both goods.

170. According to the text, Giffen goods for people:
A) are rare but a few have been found.
B) are quite abundant.
C) have not been found.
D) are the same thing as an inferior goods.

The fact that diamonds have a much higher price than water:

a. Violates the rules of utility maximization because the consumer actually consumes a large amount of water.
b. Violates the rules of utility maximization because diamonds are not necessities.
c. Violates the rules of utility maximization because water is necessary for life.
d. Does not violate the rules of utility maximization because globally, freshwater is actually very rare.
e. Does not violate the rules of utility maximization because water's marginal utility is low.

The "law" of diminishing marginal utility implies that the (A) marginal utility of a good diminishes over time. (B) first unit of a good consumed will contribute most to the consumer's satisfaction (C) last unit of a good consumed will contribute most to the consumer's satisfaction. (D) total utility is negative. (E) total utility is constant as more units are consumed. Answer:

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in